There is a rather nasty reset bug out there that seems to be hitting certain players of Borderlands …
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Well Gearbox finally released a chunky 360 patch to fix that, and many, many other issues. Your Badass tokens will be reissued to be spent as you choose.

A notable addition that comes with this patch is the ability to reset challenges (not tokens). Tokens earned from those challenges will still be retained, but you can get extras for a higher badass rank. The specifics:

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Players can now reset all challenge progress for a character once they've completed 85% of all non-DLC, non-area-specific challenge levels. This will keep the player's current challenge bonuses and rank, but reset all challenge progress to 0 and allow challenges to be re-completed for additional ranks and bonuses. This option will appear as a tooltip at the bottom of the "challenges" screen within the status menu if the player has met the criteria.

G4 is also reporting that the patch landed them 10 shiny Golden Keys. This could be a gift in return for the glitch's hassles, or it could just be a coincidence. Let us know what you're experiencing.